Levels of support/resistance typically produce a pop or bounce on the first touch.
There is an untested level of support in the valley around $6385
SETUP: This is not a prediction price will get to 6385. However, if it does, enter LONG.
I call this conditional trading.
ENTRY: $6385
Long position
TARGET: $6530
This is below a low that could offer resistance
STOP: $6306
This is below the lowest candle of the valley that should start the move
There is an untested level of support in the valley around $6385
SETUP: This is not a prediction price will get to 6385. However, if it does, enter LONG.
I call this conditional trading.
ENTRY: $6385
Long position
TARGET: $6530
This is below a low that could offer resistance
STOP: $6306
This is below the lowest candle of the valley that should start the move
Trade closed: target reached
Price bounced off the 6385 and went past the 6530 target
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.